Kitwave increases gross profit margin to 20%

Kitwave Group boosts revenues by 20% and profit before tax by 40%

Kitwave Group increased revenues from £380.7 million to £503.1 million in the 12 months ended 31 October 2022. Profit before tax rose from £2.1 million to £17.8 million, and gross profit margin increased from 18% to 20%.

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The North Shields-based firm released its final results for the year ending October 31 in which revenues increased by 10.2% to £663.7m. The company’s operating profit fell slightly over that